What is Project Management?

Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.

Objectives of Project Management

The objective of Project management is the software so that it meets the obligations of the customer, i.e., to provide the Product or service as desired within an infinite Period of time, ensuring high quality. Also, the Product must comply with the Product specifications. The project manager ensures this by adopting various tools of Project Management and agile Technology. A project-based deliverable could be the Product or service.

Product may be tangible or intangible goods or services. This has to be produced and presented to the client within the specified time period and with good quality. The work breakdown structure of the Project can be graphically represented through the help of Gantt Charts. It enables each stakeholder to know the status of the Project.

Important Elements of Project Management

Scope: The Scope of the Project must be ascertained before proceedings for the outcome of the Project. It is all about Problem identification, Problem definition. Once the problem is identified, then the objectives could be met easily.

Time: The Project must be completed within the specified time period. This will result in the timely completion of the Project. It will ensure the completion of the Project within the budget allocated.

Quality is of utmost importance, and this must not be any compromise. It is one of the key aspects of the Project. The Product must be easy to use for end-users. This ensures high-quality Products. It should be as per specifications. Also, an audit is carried out to ensure the quality of the Product.

Cost refers to the estimation of the fund for the completion of the Project. It also allocates and monitors funds so that the cost could not exceed the Budget. It refers to all the costs that would incur in the Project. The total cost refers to all the costs towards Technology, skilled HRs, and others. The cost is an important factor. It enables to ensure the financial viability of the Project. If the project is not financially viable, then it would be wise to reject those Projects. Also, contingency funds must be allocated from this cost. This could be utilized in the future if any issue is found with the deliverable.

Risk: The risk may be with anything. It may be with the Technology, Financial or HRs. During the Planning phase, different types of risk must be ascertained. Also, a strategy to eliminate the negative risk should be devised. And one must harness the Positive risk optimally. The Project Team must manage the specific risk associated with their allocated task.

Resources: In order to complete the Project and meet the objective of stakeholders or clients, various resources are required. These resources are HRs, Technical resources, financial resources, and others.

Gantt chart: The Detailed work breakdown structure of the Project can be given graphical representation by using the Gantt chart. The planning of the Project and its graphical representation are shown. It is a graphical representation of the Project. The Time Period for each activity is given, and the final date of accomplishment of the whole project is also mentioned. Today’s Gantt Charts are interactive and help a lot.

What is Project?

The Project is the application of knowledge, skills, Technology, and other resources to accomplish the deliverable as per the requirement of the client. This deliverable may be a tangible product or an intangible service. A project is devised to meet the objective of the stakeholder or client. This may be a tangible or intangible product or service. This is generally temporary in nature as it has a definite beginning and end. It is the duty of the Project Manager to deliver it timely to the client. The Project manager ensures this by using agile methodology. Also, the Project management software is used to analyze all the developments. With the efficient management of Team Members, the timely or early delivery of the deliverable can be ascertained.

Project Life Cycle refers to the different stages of the Project.

It has been divided into the below-mentioned stages. It is planned in advance with the time tracking. Every project is divided into different activities, and a specific time period is fixed for its completion. Here Project Planning plays an important role. The development of each activity of the Project must be up-to-date to all the stakeholders so that transparency could be maintained. It also helps in minimizing the risk factor associated with the time period.

Problem Identification: It is the first stage of the Project. Here the problem is identified and further defined. It is a very important aspect of a project life cycle.

Problem definition: Once the problem is identified, it is then defined. The definition of the Problem helps the team members and other stakeholders in knowing the issue. Problem definition must be communicated to all the team members.

Planning is all about the blueprint of the Project. It helps in accomplishing the end objectives of the Project. All the stages of the project life cycle are designed in such a way so that the desired outcome could be achieved. The important aspects of Project management methodologies must be kept in mind while planning the strategy for the Project. Also, the different activities of the Project must be allocated to Team members as per their skills. Efficiently managing all these activities is very crucial for achieving the high-level quality of the Project. Planning with respect to agile Technology and team management is a very important aspect of the Product life cycle.

Execution of the Project refers to the allocation of the resources, and eventually desired deliverable is achieved. The Team involved in developing the project is managed efficiently. Different verticals of the Project are allocated to Team members. The Outcome of the Project is the effort of the collective effort of the Team.

Monitoring of the project is done by the Project Manager. It is their responsibility to ensure the Proper execution of the Project. He has to ensure the viability of the Project. The viability with respect to finance and the time period is monitored by the Project manager.

The closure is the last stage of the Project. Overall issues of the Project if are checked and resolved. Generally, Dry run is done to check. The final Project is audited to check any issues. Post this deliverable is incorporated at the site of the client.

Important Aspects of Project Management

Scope refers to all aspects of the Project. It covers the identification of the Problem to the final stage of the Project, where the desired objective is achieved.

The schedule is the specified time period within which the Project has to be completed. It includes the starting date, the time period or duration of the Project, and the final date of completion of the Project.

Quality refers to the deliverable as per the specification of the client. The Project Manager ensures that the quality of the Project must adhere to the specification of the client. In order to check, this audit is performed. This audit is undertaken by a staff member who is not a member of the Project Team.

Resources Management: The Project Manager has the sole responsibility to manage the available resources efficiently. This will ensure the completion of the Project within the specified time period. To ensure financial viability, resource management is inevitable. Resources help in carrying out the specific task of the Project in the best possible manner. A skill as per the requirement of the Project has to be ascertained.

Stakeholder of the Project: It can be an internal or external stakeholder. Internal stakeholders are the Project manager, the Team working on the Project, and the Audit team. External stakeholders are the client and the end-user. The Project Manager should identify the entire stakeholder. He must develop a strategy to handle all stakeholders. The client must be updated daily development report with respect to the Project. The internal stakeholder associated with the development of the Project must manage their part efficiently. Task management should be allocated wisely among team members for making the Project successful. Training must be provided to the Project Team with respect to Project if require it.

Communication is vital with respect to Project development and execution. It is an essential aspect of Project management.

Risk Management: During the Planning Phase of the Project, Possible risks must be analyzed. The proper strategy must be devised to counter that risk. Negative risk must be eliminated, and Positive risk must be harnessed to get better and efficient outcomes. It will result in better Project Planning. This will ensure a better Project management Process as well. However, failing to recognize risk would impact adversely. Hence Analysis and assessment of risk throughout the project life cycle are important. Strategy for Managing the risk at every stage must be planned in advance.

Procurement is all about getting the required resources to develop the Project. Sometimes the certain task of the Project is outsourced to a third party. These are planned in advance under Project Planning.

Critical Success Factor is the inevitable factor that is compulsory for an organization to attain the objectives. It also helps in attaining the goals of the Project.

Work Breakdown structure is all about task management. It is an approach where the division of the task into smaller parts is done. Efficiently managing each activity enables the accomplishment of the Project.

Project Management Certification: The following certifications are highly beneficial for the Project Managers. It hones their skills and helps them in efficiently managing the Project. This results in better Project Management. Also, the chances of Project success get more if the Project manager is skilled. These certifications are - Project Management Professional, Agile Certified Practitioner, and Certified Associate in Projects Management, Certified Scrum Master and Projects in Controlled Environment

What is the Main Role and Responsibilities of Project Manager?

A project manager is an experienced software Professional whose main responsibility is to manage the overall task of the Project. It is the Project manager who is accountable for the overall development and execution of the Project. In order to ensure this, the Project Manager allocates specific tasks among Team members. The project manager, along with the Team members, plans projects to meet the end objective. He analyses all the risks during the Project Planning. Also, devise a strategy to eliminate the risk as part of the Risk Management. He uses the Project Management tools in order to develop the Project and provide deliverables to the client.

A project manager supervises the Project at every stage. Agile Project Management and Gantt Charts enable the Project Manager and the Team members develop each stage of the Project. Overall management of the Project and Proper Planning leads to the quality of the deliverable and its timely accomplishment. The client is given a free trial for a specific period of time. Under this free trial, Period service is provided free of cost or for a little sum of money.

Context and Applications

This topic is significant in the professional exams for both undergraduate and graduate courses, especially for

• MBA
• BBA
• B. Com
• B. Com (Hons)